Is building wealth about being lucky?

Can you remember back when you were a young child and you were talking with your friends about wealthy people? If you were like me, you would always think that people were lucky to have money and you would always wish that you could be so lucky someday as well. Fast forward to adulthood and you still hear people from time to time comment “I wish I could be lucky and be rich.” It is a very common belief that wealth is all about luck, but is that necessarily true?

Although we like to think wealth is as simple as being lucky enough to receive an inheritance or win the lottery, it really is not that simple. Consider some of these statistics from Thomas Stanley’s The Millionaire Next Door*

  • 80% of millionaires are first generation rich
  • Two thirds of millionaires are self-employed
  • Two thirds of millionaires work between 45 and 55 hours a week
  • It takes the average millionaire a little bit over 17 years to reach that status

Note that winning the lottery was not among the stats, nor was receiving an inheritance. What was on the list is hard work and patience.

A lot of people think wealth is all about being lucky, because they do not feel it a level that they themselves can reach. My experience is that being wealthy can be obtained by anybody in America today and all you have to do is be weird with your money. You must have a plan, live on less than you make, eliminate debt, not use credit as a way to make purchases, and invest in things that go up in value with a long-term mentality. If you do those things, over the long haul you can become wealthy. So wealth is not about being lucky, it is about being wise, disciplined, and patient with your money.

So do you agree with me that wealth is not about being lucky? Or do you disagree? Please let me know in the comment section below.

* Affiliate link
To receive notifications of new posts, please join our email list or visit our subscription page

To learn how JW’s Financial Coaching can give you a new perspective on your money please visit one of the following links:

About Services Offered Mission Statement Contact Information FAQ

This entry was posted in Debt, Financial Discipline, Financial Plan, Personal Accountability and tagged , , . Bookmark the permalink.

4 Responses to Is building wealth about being lucky?

  1. melissa says:

    Great topic!!
    I agree with you that being wealthy is not about being lucky. We all have the ability to work, save and spend wisely. Because of this, we all have the chance to be wealthy. It just takes time and commitment to the goal.

    • Jon White says:

      Thanks for stopping by Melissa and leaving a comment. I agree with you that we all have the ability to become wealthy and I like how you put it that it takes time and commitment. To answer my own questions, being wealthy has a lot more to do with patience than it does with luck.

  2. It’s not at ALL about being lucky.
    Just ask any business owner that is sitting back in a beach chair suckin’ down a margarita..

    “It must be nice to have money and be doing that all the time, isn’t it?”

    Response, “Excuse me but I worked my butt off for a decade, didn’t sleep more than 4 hours per night, lost some friends, paid the gov’t more than their fair share and nearly sold my soul.”

    True story, I once experienced asking someone that. I had new respect ever since.

    • Jon White says:

      Wow Eric that is an amazing story. Thanks for sharing it. You know I used to think small business owners were annoying whenever they talked about how much they worked, paid in taxes, and sacrificed. But now that I’m a small business owner, I totally understand what they go through and how their success is a result of hard work and NOT luck!

Comments are closed.